LINK and XTZ grew strongly as the crypto market weakened

On April 7, LINK has broken out from the descending wedge it has traded for the past 3 weeks and has increased by almost 50% since then. On the same day, XTZ also breakout wedge increased gradually but increased only 18%.

According to full-time trader Johnny Woo, he has medium / long term growth prospects for both LINK and XTZ. In addition, he affirmed that the price of XTZ always follows the price of LINK.

“XTZ always follows LINK

Daily and weekly charts increase. ”


LINK has traded in wedges descending from March 13 to April 6. Throughout the model, the daily RSI formed a divergence rising significantly. In addition, the price found support at both the 200-day moving average (MA) and the support of 330,000 satoshi. Since the breakout on April 7, LINK created 7 consecutive bullish candles.

For future moves, there is resistance and support at 530,000 and 430,000 satoshi respectively.

Chart LINK | Source: Trading View

However, the short-term chart shows that this upward movement is about to end.

Price has been trading in wedges since April 10, currently very close to the expected end. In addition, the short-term RSI has created a bearish divergence, which is an indication that the LINK is about to breakdown and head towards the stated 430,000 satoshi support area.


Chart LINK | Source: Trading View


XTZ also trades inside the wedge, declining throughout the period from March 13 to April 6. The breakout happened at the same time as LINK, near the end of April 6. Therefore, it is not clear why traders consider XTZ to follow LINK when they seem to move together.

Similar to LINK, XTZ finds support at the long-term MA. However, it is 100 days instead of 200 days. This MA coincides with the support area of ​​25,000 satoshi. Unlike LINK, there is no bullish divergence before the breakout.

If it keeps rising, the next resistance areas are 29,500 and 33,500 satoshi.


XTZ chart | Source: Trading View

In the short term, XTZ is trading inside the symmetrical triangle. Because this triangle is considered a continuation pattern and takes place after moving up, there will be a breakout. It is accompanied by a move to turn the area of ​​29,500 into support, suggesting that the price will rise and head towards the next resistance level at 33,500 satoshi.


XTZ chart | Source: Trading View

At the time of writing, XTZ is trading up 0.58% at a price of $ 1.94, a noticeable decline from the daily high of $ 2.04 that was set yesterday as the market rallied at the same time Bitcoin passed. 7,000 dollars.

This morning, the fall of XTZ / USD also dragged XTZ / BTC and is still 1.91% lower than Bitcoin. Currently, XTZ / BTC is trading around the strong support level that has supported prices several times throughout the week.

If the bull continues to defend this level, it could catalyze some upward momentum independently, allowing XTZ to recover recent losses.

Protection of this support level also coincides with the bull pennant that is forming, this is a technical model that can strengthen the price action in the coming days.

The famous Teddy analyst on Twitter talked about this model and asked if it would help XTZ "continue its path to world domination".

"Will XTZ continue on its journey to dominate the world?"

If the XTZ performs a confirmed breakout of the model, the price may be ready to increase significantly.

Analyst and trader Jonny Moe believes that 30,000 sats are the critical level that XTZ needs to overcome. Because a break above this level provides potential launchers.

"XTZ breaking above 30K sats could be the starting point."

Bitcoin's short-term price action will impact XTZ and other cryptocurrencies, but strong support at around $ 1.9 and signs of subtle technical strength can afford to push XTZ prices higher. in the days and weeks to come.

You can see the price of XTZ, LINK here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Thuy Trang

According to AZCoin News

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